Intel Q4 profit up 51% - stock goes down

Chip giant Intel posted its fourth quarter financial results on Tuesday. The firm announced positive results but the stock dropped after the announcements because both the earnings and first quarter projections were perceived as disappointing by Wall Street analysts.

Intel reported a revenue of $10.7 billion, up 10.50 percent year-over-year, that's about $100 million last than analysts were expecting. For the first quarter of this year Intel is forecasting a revenue of $9.4 billion to $10 billion, while analysts were predicting $10 billion on the low end.

Intel executives reported computer demand was strong in the fourth quarter and largely blamed NAND memory for the disappointing revenue. Net income went up 51 percent to $2.27 billion and earnings per share were 38 cents, 2 cents short of analysts' forecasts.

AMD's financial results will be announced on Thursday.